Best Life Insurance Companies in Yonkers, NY, for 2023

If you pass away, your life insurance policy provides financial support to your loved ones. Hence, life insurance is a smart investment that also gives you peace of mind. To get the best deal on a policy that meets your needs, it’s important to shop around and compare rates from different providers. MoneyGeek provided an analysis of the best life insurance companies based on age, gender and smoking history to help you find the right one for you.

The coverage amount included in your life insurance policy and your gender determine the cost of your premium. For a policy with a $250K coverage limit, Progressive Life offers the cheapest rates for men at an average of $13 per month. Mutual of Omaha is the least expensive for women, with policies costing an average of $11 per month.

Although a policy with a $250K coverage limit costs less, it may not provide your beneficiaries with sufficient coverage. To approximate how much coverage you may need, you can refer to the state’s recommended coverage amount. The recommended coverage amount in New York of $966K is based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors. For this higher coverage level, Mutual of Omaha offers the cheapest life insurance rates for men and women at $27 and $19 per month, respectively.

In Yonkers, the life insurance rates for men are 5% higher than the average cost of life insurance in New York. However, women in Yonkers pay 1% less for life insurance than the average rate in the state.

Gender is one of the main factors that impacts the cost of life insurance. In Yonkers, the average cost of a $250K policy is $16 for males and $15 for females.

The amount of coverage and length of the policy also affect the cost of life insurance. In New York, the state-recommended coverage amount is $966K. Several factors determine this amount, including per capita income, average mortgage debt, average personal debt and average age. Men in Yonkers can expect to pay $46 per month for the state-recommended coverage, while women will pay $37 per month. For a 10-year term, regardless of coverage limit, males pay $26 per month while females pay $22 per month.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Yonkers using average buyer profile statistics, including the average age of 31, the average weight of 184 pounds for males and 145 pounds for females, and an average coverage need of $966,000.

MassMutual, New York Life and Guardian are the three most popular life insurance companies in New York with respective market shares of 11%, 10% and 8%. Overall, the seven most popular companies in New York state make up 54% of the market share.

In the table below, MoneyGeek lists the most popular life insurance companies in New York and their market shares.

Young people in Yonkers can expect to pay an average premium between $20 and $33 per month for life insurance. The following companies offer the most affordable policies for young people in Yonkers:

• MassMutual: $20 per month
• Mutual of Omaha: $20 per month

Review other life insurance quotes in Yonkers for young people in the table below.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Yonkers who is 5 feet 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $380K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Depending on the age of the senior living in Yonkers, life insurance costs range between $48 and $91 per month. The top two most affordable life insurance companies in Yonkers for seniors are:

• State Farm: $48 per month
• Mutual of Omaha: $51 per month

We’ve included a comprehensive list of other affordable life insurance providers for seniors in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Yonkers who is 5 feet 10 inches and 184 pounds that purchases a 10-year term contract at the average coverage need of $113K.

A life insurance policy in Yonkers costs between $172 and $230 per month for smokers. In Yonkers, the following companies offer the cheapest life for smokers:

• State Farm: $172 per month
• Mutual of Omaha: $184 per month

The table below lists additional insurers that offer the cheapest policies for smokers in the city.

Rates were determined by analyzing quotes for a 31-year-old male smoker in Yonkers who is 5 feet 10 inches and 184 pounds that purchases a 20-year term contract at the average coverage need of $966K.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.